Power, Works, Housing, Transportation, Defence get N1.090trn capital allocations in 2018 budget

by | May 16, 2018 2:28 pm

Critical infrastructural projects such as power, works and housing, defence, as well as transportation, got the highest capital allocation of N1.090 trillion out of total sum of N2.873 trillion in the 2018 budget laid before the National Assembly.

A breakdown of the proposal shows that the sum of N530,421,368,624 is for Statutory Transfer; N2,203,835,365,699 for Debt Service; N199 billion for Sinking Fund for maturing loans; N3,516,477,902,077 is for Recurrent (non debt) Expenditure, while N2,869,600,351,825 is for development fund for Capital Expenditure.

According to the documents seen by BusinessDay ahead of the debate, the Federal Ministry of Power, Works and Housing gets the highest allocation of N682.309 billion, followed by Transportation, to that tune of N251.420 billion; N157.715 billion for Defence; N149.198 billion for Agriculture and Rural Development; N147.200 billion for Water Resources and N102.907 billion for Education while N150 billion was allotted for capital Special Intervention Programme.

A breakdown of the 2018 budget shows that the National Assembly gets N139.5 billion; National Judicial Council (NJC) gets N110 billion as against the sum of N100 billion approved by President Muhammadu Buhari.

Part payment to the NDDC outstanding liabilities on Federal Government gets N33.98 billion, while the NNDC gets N81.883 billion; Universal Basic Education gets N109.064 billion; Independent National Electoral Commission gets N45.5 billion; National Human Rights Commission gets N3.014 billion, while the Public Complaints Commission gets N7.48 billion.

Out of total sum of N2.014 trillion allotted to debt serving, the sum of N1.760 trillion is for domestic debts while N254.080 billion is for foreign debts and an additional sum of N190 billion is for sinking fund to retire matured loans.

From the total sum of N3.513 trillion approved for recurrent (non-debt) expenditure, the Federal Ministry of Interior gets the highest allocation of N501.610 billion, followed by N439.256 billion for Education; N419 billion for Defence; N269.965 billion for Health; N110.842 billion for Youth and Sports Development; N76.025 billion for office of the National Security Adviser; N63.535 billion for Petroleum Resources and N63.114 billion for Foreign Affairs.

Details later…